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Company registration number: 00812491
Integrated Investments Limited
Unaudited filleted financial statements
31 May 2023
Integrated Investments Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Integrated Investments Limited
Directors and other information
Directors Mr A. P. Stanton
Mr M. J. Stanton
Company number 00812491
Registered office 34 Cross Street
Long Eaton
Nottingham
NG10 1HD
Business address Unit 1
Sheet Stores Industrial Estate
Long Eaton
Nottingham
NG10 1AU
Accountants C J Lucking & Co
34 Cross Street
Long Eaton
Nottingham
NG10 1HD
Bankers H S B C Plc
1 Penman Way, Grove Park
Narborough Road South
Enderby
Leicester
Integrated Investments Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Integrated Investments Limited
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Integrated Investments Limited for the year ended 31 May 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Integrated Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Integrated Investments Limited and state those matters that we have agreed to state to the board of directors of Integrated Investments Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Integrated Investments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Integrated Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Integrated Investments Limited. You consider that Integrated Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Integrated Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
C J Lucking & Co
Chartered Accountants
34 Cross Street
Long Eaton
Nottingham
NG10 1HD
27 July 2023
Integrated Investments Limited
Balance sheet
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,823,156 3,064,883
Investments 6 760,000 760,000
_______ _______
3,583,156 3,824,883
Current assets
Debtors 7 5,584 5,584
Cash at bank and in hand 104,502 155,960
_______ _______
110,086 161,544
Creditors: amounts falling due
within one year 8 ( 2,243,195) ( 2,519,581)
_______ _______
Net current liabilities ( 2,133,109) ( 2,358,037)
_______ _______
Total assets less current liabilities 1,450,047 1,466,846
Creditors: amounts falling due
after more than one year 9 ( 25,382) ( 34,206)
Provisions for liabilities ( 68,452) ( 68,452)
_______ _______
Net assets 1,356,213 1,364,188
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,356,113 1,364,088
_______ _______
Shareholders funds 1,356,213 1,364,188
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 July 2023 , and are signed on behalf of the board by:
Mr M. J. Stanton
Director
Company registration number: 00812491
Integrated Investments Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 34 Cross Street, Long Eaton, Nottingham, NG10 1HD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of rents receivable, net of discounts and Value Added Tax in respect of occupation of company premises in the accounting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future tax profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.Long leasehold properties are initially stated at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.Investment properties are recorded at fair value at the date of revaluation less any subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - straight line over the life of the lease.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Debtors do not carry interest and are stated at their nominal value.Cash at bank is held in non interest bearing accounts which are available with immediate access. These are also stated at their nominal value.Creditors do not carry interest and are stated at their nominal value.The loan from a related company carries interest at a market rate and is stated at its nominal value.
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: Nil).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2022 and 31 May 2023 5,673,701 31,794 5,705,495
_______ _______ _______
Depreciation
At 1 June 2022 2,608,818 31,794 2,640,612
Charge for the year 241,727 - 241,727
_______ _______ _______
At 31 May 2023 2,850,545 31,794 2,882,339
_______ _______ _______
Carrying amount
At 31 May 2023 2,823,156 - 2,823,156
_______ _______ _______
At 31 May 2022 3,064,883 - 3,064,883
_______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 June 2022 and 31 May 2023 760,000 760,000
_______ _______
Impairment
At 1 June 2022 and 31 May 2023 - -
_______ _______
Carrying amount
At 31 May 2023 760,000 760,000
_______ _______
At 31 May 2022 760,000 760,000
_______ _______
The investment properties are stated at open market valuation at the year end. The cost of these properties was £463,356 (2022 - £463,356) and if depreciated at 2% per annum straight line would have a net book value of £255,130 (2022 - £264,397). Deferred tax is provided for the amount that would be payable at 25% if the properties were sold at their revalued amount.
7. Debtors
2023 2022
£ £
Other debtors 5,584 5,584
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,648 10,648
Corporation tax 58,482 89,561
Social security and other taxes 8,152 -
Other creditors 2,165,913 2,419,372
_______ _______
2,243,195 2,519,581
_______ _______
Included in other creditors is £1,998,384 (2022 - £2,255,641) owed to W & S (Long Eaton) Limited which is owned by the same shareholders as Integrated Investments Limited . Although the borrowing is legally due to be repaid within one year there is no intention to demand repayment in the near future.
All of the company's borrowings are secured by a debenture over the company's assets held by HSBC Bank Plc. This debenture relates to all sums owed to HSBC Bank Plc by Integrated Investments Limited and W & S (Long Eaton) Limited.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 25,382 34,206
_______ _______
10. Directors advances, credits and guarantees
At 31st May 2023 the company owed £143,481 (2022 - £143,481) to its directors.
11. Related party transactions
The directors of Integrated Investments Limited also control W & S (Long Eaton) Limited and Burnside Developments Limited. Both of these companies are incorporated in England. At 31st May 2023 W & S (Long Eaton) Limited had loaned £1,998,384 (2022 - £2,255,641) to Integrated Investments Limited. Interest is currently being charged to Integrated Investments Limited on the debt between the two companies amounting to £153,582 for the year (2022 - £118,490).